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MN7365_Assignment

MN7365_Assignment

Assignment Questions
The module is 100% assessed through this assignment.
Use as a starting point the case study ‘Facebook’s Cryptocurrency Libra: Caught in
Controversy’?
Using this case study and what you find out from your further reading and
research, and focusing on the literature discussed in the module answer both
questions below.
Answer each question separately as a stand-alone mini-essay of not more than
1000 words, but use a common references list for both and make sure your
individual answers add-up to the overall word-count of 2000 words.
1. Describe briefly how national and international payments systems work,
paying attention to identify – where relevant – key objects of exchange,
agents/actors, structures of relations between agents, and calculative
devices in your account.
If Facebook’s Libra was to become a reality along the lines envisaged by
Facebook, discuss how this might impact these existing national and
international payments infrastructures.
[50 marks]
2. The case study reports statements by Margrethe Vestager, the European
Commissioner for Competition, that Libra presents the possibility of “creating
an entirely separate economy”.
Referencing relevant literature, critically discuss whether the ties between
actors in this separate financial ecosystem would be identical to those within
the existing banking-system-based economy, or whether Libra would be the
realisation of the anonymous, disintermediated ‘Peer-to-Peer Electronic Cash
System’1 that Bitcoin sought to be.
[50 marks]  Nakamoto (2008)

Suggested readings
The following are readings that could be of help in preparing your assignment:
An Introduction to Libra: White Paper from the Libra Association Members.
https://libra.org/en-US/wpcontent/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf
Dent, A. and Dison, W. (2012) The Bank of England’s Real-Time Gross Settlement
infrastructure, Bank of England Quarterly Bulletin (Q3),
https://www.bankofengland.co.uk/-/media/boe/files/quarterlybulletin/2012/the-boes-real-time-gross-settlement-infrastructure.pdf
McLeay, M., Radia, A. and Thomas, R. (2014) Money creation in the modern
Economy, Bank of England Quarterly Bulletin (Q1),
https://www.bankofengland.co.uk/-/media/boe/files/quarterlybulletin/2014/money-creation-in-the-modern-economy.pdf
Geva, B. (2013) Global Payment and Settlement Systems, in Handbook of Key Global
Financial Markets, Institutions, and Infrastructure, Editor(s): Gerard Caprio,
Douglas W. Arner, Thorsten Beck, Charles W. Calomiris, Larry Neal, Nicolas
Veron, Academic Press (2013), Pages 513-522,
http://www.sciencedirect.com/science/article/pii/B9780123978738000347
Kumhof, M. and Noone, C. (2018) Central bank digital currencies — design principles
and balance sheet implications. Bank of England Staff Working Paper No.725.
[Online] Available at:
https://www.bankofengland.co.uk/-/media/boe/files/workingpaper/2018/central-bank-digital-currencies-design-principles-and-balancesheet-implications
Paul, K. (2019) Libra: Facebook launches cryptocurrency in bid to shake up global
finance. [Online} Available at:
https://www.theguardian.com/technology/2019/jun/18/libra-facebookcryptocurrency-new-digital-money-transactions
Scott SV, Zachariadis M. (2013) The Society for Worldwide Interbank Financial
Telecommunication (SWIFT) : Cooperative Governance for Network
Innovation, Standards, and Community. New York, NY: Routledge;
http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=658810
&site=ehost-live
Werner, R. (2014a) Can banks individually create money out of nothing? — The
theories and the empirical evidence. International Review of Financial
Analysis, 36, pp.1-19.
Werner, R. (2014b) How do banks create money, and why can other firms not do the
same? An explanation for the coexistence of lending and deposit-taking.
International Review of Financial Analysis, 36, pp.71-77.
Another focus for your reading in relation to writing this assignment should be the
readings suggested in the module outline. This would include, particularly, the Key
Texts at the end of the outline document and then the relevant lecture-by-lecture
topic readings for the lecture topics which relate to the assignment case and
3
questions. Part of the aim of the assignment is to see how well you do in identifying
which lecture topics the questions relate to and then using that lecture content to
develop your argument/analysis.
Other readings of relevance would include:
Mersch, Y. (2019) Money and Private Currencies – Reflections on Libra. Speech at
the ESCB Legal Conference, Frankfurt am Main, 2 September 2019. [Online]
Available at: https://www.bis.org/review/r190902a.pdf
Nakamoto, S. (2008) Bitcoin: A Peer-to-peer Electronic Cash System. [Online]
Available at: http://www.bitcoin.org/bitcoin.pdf
The Conversation (2019) Facebook’s Libra: it’s not the ‘crypto’ that’s the issue, it’s
the organisation behind it. [Online] Available at:
http://theconversation.com/facebooks-libra-its-not-the-crypto-thats-theissue-its-the-organisation-behind-it-121223
Assessment Criteria
The following points can help you in producing a good piece of work:

 You must address the questions asked and not try to re-define them or write
about something else. ‘Not answering the question’ is among the most common
reasons for often significant losses of marks.
 Your essay must be properly referenced:
o only sources cited in the text of your answer should be included in the
bibliography;
o all sources (including those for any numeric examples used) should be
acknowledged;
o there should be no citations in your answers to sources which are not in your
references list at the end of your text; if you have not consulted the reference
directly yourself you should indicate in the text of your answer the secondary
source from which it comes. It is this secondary source which should be in
your bibliography.

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